A number of businesses calling themselves "cryptocurrency exchanges" have been established in Vietnam in a short period of time. This development indicates that the market is entering a crucial preparation phase, awaiting the official licensing by regulatory authorities.
The cryptocurrency market is nearing the pilot phase.
The Vietnamese cryptocurrency market is approaching its "D-Day," the time when the first exchanges will be licensed to operate.
Months have passed since Vietnamese Government Following the issuance of Resolution No. 05/2025/NQ-CP dated September 9, 2025, on the pilot implementation of the cryptocurrency market, investors are continuously monitoring the subsequent actions from the regulatory authorities.
Recently, Ministry of Finance We have sought feedback on the draft Circular guiding accounting practices applicable to organizations participating in the cryptocurrency market.
This move is XEM as a signal that the legal framework is gradually being perfected, paving the way for the licensing and operation of domestic exchanges.
A series of legal entities operating as "cryptocurrency exchanges" have been established.
In fact, many businesses had prepared for the pilot phase well in advance.
Alongside investments in technological infrastructure, a series of legal entities calling themselves "cryptocurrency exchanges" have emerged, backed by banks, securities companies, and technology corporations.
According to preliminary statistics, there are currently nearly 10 businesses Established with a focus on operating in the cryptocurrency exchange sector, many new names have emerged in just the last few months.
Notable names on the list of domestic exchanges
Some notable businesses include:
HDEX : linked to the ecosystem of HDBank, Vietjet, and Sovico Group, its charter Capital has been increased to VND 300 billion, and it aims for strong expansion when the market is given the "green light".
VIEX : Related to VIX Securities, with a registered Capital of VND 1,000 billion, is preparing to increase Capital to participate more deeply in the cryptocurrency market.
TCEX : with the direct involvement of TCBS leaders, its charter Capital increased more than 30 times in just a few months after its establishment.
CAEX : has recorded large-scale Capital increases from the legal entities behind it, indicating long-term preparation for the exchange model.
SSI Digital : Although not officially named a "cryptocurrency exchange," it is XEM one of the pioneering units in terms of infrastructure, technology, and human resources, ready to deploy an exchange according to international standards.
Cases that surprise in terms of Capital scale.
Most notably VIMEXCHANGE , a company with a registered Capital of up to 10,000 billion VND – a rare high in the cryptocurrency sector in Vietnam.
The company's shareholder structure reveals the involvement of non-technology ecosystems, from pharmaceuticals to gold and silver, reflecting traditional Capital flows exploring opportunities in emerging markets.
In addition, some businesses such as WINAMEX Phillips good TINI CEX It also attracted attention when it changed its name and shifted its operations to the cryptocurrency sector at a time when the legal framework was gradually becoming clearer.
Significance for the market and regulatory bodies
According to the data of According to Chainalysis , Vietnam currently ranks 5th globally in terms of cryptocurrency adoption.
However, the majority of domestic investors still have to trade through international exchanges such as Binance , which causes transaction fees and profits generated to flow overseas.
The establishment of domestic cryptocurrency exchanges is expected to:
Retain revenue and contribute to the budget.
Enhance monitoring and fraud prevention capabilities.
Better protection of the rights of individual investors.
Conclude
The surge in businesses claiming to be "cryptocurrency exchanges," especially those backed by banks, securities firms, and large corporations, indicates that the market is entering an acceleration phase.
However, all activities still depend on the final legal framework and the official licensing decision from the regulatory authority.
This article is for informational purposes only and is not investment advice. Readers should conduct their own research and comply with current Vietnamese laws and regulations before making any financial decisions.
Source: Cryptocurrency Blog
